Jan. 29 (Bloomberg) -- Sanoma Oyj fell the most in more
than three weeks in Helsinki trading after Danske Bank A/S said
investors should sell the stock because the Finnish publishing
company’s advertisement markets are shrinking.

Sanoma fell as much as 1.8 percent, the most since Jan. 3.
The stock retreated 1.1 percent to 7.54 euros at 1:06 p.m. in
the Finnish capital with trading volume at 28 percent of the
three-month daily average.

Chief Executive Officer Harri-Pekka Kaukonen said in
October the Helsinki-based company was set to face “extremely
challenging” market conditions in the fourth quarter. Danske
said today it lowered its recommendation on the stock to sell
from hold after analyzing Sanoma’s two biggest markets, the
Netherlands and Finland, which make up about 75 percent of total
advertisement sales.

“We expect advertising still to fall clearly in the first
half of 2013,” Copenhagen-based Danske said in the note. The
decline will reduce earnings “sharply, especially in the
Netherlands, where Sanoma has lost market share and is spending
more on program purchases,” Danske said.